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The Most Revolutionary Act


The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation

By Michael Perelman
Duke University Press (2000)

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The Invention of Capitalism is about the origin of an economic concept known as “primitive accumulation.” Marx defined primitive accumulation as the process by which precapitalist modes of production, such as feudalism and chattel slavery, are transformed into the capitalist mode of production. Using the term somewhat differently, Perelman describes it as the brutal process by which government denies peasants the means of subsistence to force them into wage labor.

Tracing the rise of capitalism in the 18th and 19th century, the Invention of Capitalism also studies the origin of the concept in the work of classical economists, such as Adam Smith, Ricardo and Malthus.

Forcing Workers to Accept Wage Labor

Nearly all the 18th century economists and social philosophers seem to agree that workers never…

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